Gensol Engineering bags solar project worth Rs 186 crore

Gensol Engineering has informed exchanges that it has bagged a 23 Megawatt peak (MWp) rooftop solar project in Dubai. The rooftop solar project us valued at AED 81.6 million or Rs 186 crore plus taxes. According to the information shared, the project is to be executed in 20 months.

"With a total installed capacity of 23,178 kWp (23 MWp), the project underscores Gensol Engineering’s commitment to driving sustainability in the Middle East by contributing to the region’s transition to cleaner energy sources. The contract, valued at AED 81.6 Mn (INR 186 Crore) plus taxes, is set to be executed over a 20-month period," the company said in an exchange filing.

The turnkey project will involve the design, procurement of materials, construction, testing, commissioning, and long-term operation and maintenance of the rooftop solar PV systems.

"These systems will provide a sustainable energy solution to the customer, contributing significantly to Dubai’s ambitious sustainability targets and reducing the carbon footprint of one of the region’s most critical industrial facilities," the filing reads.

Earlier, the company bagged an additional 250 MW/500 MW Battery Energy Storage System Project (BESS) from GUVNL. Gujarat Urja Vikas Nigam Limited (GUVNL) had earlier awarded the company a BESS project in a similar capacity.

The energy storage system of 500 MW/1,000 MW means 500 MW of battery energy can provide power backup for more than an hour, giving a total output of 1,000 MW.

The project, including the first and second tranches, will generate a total revenue of Rs 2,685 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure, it added.

Meanwhile, the counter ended the session in green at Rs 845.50 on the BSE - a gain of 3.37 per cent from the previous close of Rs 826.65. Earlier, the counter opened at Rs 839.95 and gained further to touch the intraday high of Rs 854.90. 

The stock of the company has a 52-week high of Rs 1,377.10 and a 52-week low of Rs 720.